History of Citibank’s operating characteristics

1. Introduction to Citibank related knowledge

Source of the article about Citibank: Xinyuan.com News Center 2003-07-14 17:00 ---------- -------------------------------------------------- -------------------- 1. Historical background and development overview On June 16, 1812, New York State chartered Citibank, whose English name was "City Bank of New York". York. On September 14, Citibank opened at 52 Wall Street, providing services to some merchants in New York.

The president of the bank was Colonel Samuel Osgood, who fought with the Revolutionary War. George Washington fought side by side. In 1822, the Agricultural Fire Insurance and Loan Company was established, which was the first joint-stock trust company in the United States. In 1835, the company was renamed the Agricultural Loan and Trust Company. In 1929, it merged with Citibank. Later, the English name of Citibank was: National City Bank. In 1856, Moses Taylor served as president for 26 years. In 1861, the Civil War broke out. > President Lincoln implored New York banks to raise $150 million for the Union. Citibank subscribed $70 million in gold.

In 1865, Citibank joined the newly formed United States National Bank. Banking system, the English name is changed to: The National City Bank of New York. As a national bank, its operations must meet the high standards of solvency and liquidity required by the federal government.

In 1893, Citibank ranked first among New York City banks in terms of deposits and assets.

In 1897, Citibank ranked first among the Bank of the United States. It took the lead in setting up a foreign exchange department and began to engage in foreign exchange trading business. In 1902, it opened branches in London, Shanghai, Hong Kong, Yokohama, Manila, Singapore and San Francisco, becoming the core of the international business network of the International Banking Corporation acquired in 1918.

In 1904, Citibank introduced traveler's checks. In 1908, 96 years after its founding, Citibank moved into the former U.S. Customs House at 55 Wall Street.

In 1914, it was established in Argentina. On the advice of American companies with branches, Citibank opened a branch in Buenos Aires on November 10, 1921, becoming the first branch of the National Bank of the United States in the country. In March, Citibank became the first U.S. bank to calculate interest on savings accounts based on compound interest.

On May 3, 1928, Citibank launched another innovative business to depositors; unsecured personal loans. In 1929, Citibank became the world's largest commercial bank.

Mergers further accelerated the bank's expansion: the Farm Loan and Trust Company became Citibank Agricultural Trust Company. To meet the needs of business development, the bank built a skyscraper at 20 Exchange Square.

From 1930 to 1936, even during the Great Depression, Citibank still maintained dividends through its business income in China. In 1933, due to the promulgation of the Glass-Steagall Act, Citibank, like other American banks, also canceled its investment companies.

In 1935, Citibank provided monthly payment loans to small businesses. In 1936, Citibank was the first in New York City to offer a checking account with no minimum deposit requirement.

From 1939 to 1949, in the late 1930s, Citigroup opened 100 offices in 23 countries and became the largest international bank at the time. However, after the outbreak of World War II, many of Citibank's businesses in Europe and Asia were forced to cease.

From 1950 to 1955, as the income of American consumers increased, various new personal banking services emerged, and the banking industry began to develop on a large scale. Personal checking accounts and consumer loans surged.

In 1955, the English name of Citibank was changed to The Fist National CityBank of New York. In 1956, Citibank installed its first computer in its commercial lending department.

In 1961, Citibank created negotiable certificates of deposit. The newly formed Citibank Overseas Investment Corporation became the holding company for the bank's overseas branches.

The new headquarters at 399 Park Avenue was completed. From 1968 to 1974, the U.S. Bank Holding Company Act of 1956 restricted the ability of a holding company to control multiple banks.

In 1968, Citibank established a holding company for a bank so that it could expand and provide new financial services. Other banks have followed suit.

In 1974, the holding company was renamed Citigroup to better suit its global operations. In the same year, Citigroup introduced floating-rate bonds to the U.S. financial market.

This innovation was launched in the European market by Citibank 10 years ago. In 1975, Citibank became the only U.S.-funded bank with branches in nine countries in the same European market.

1976--1980. In 1976, the English name of Citibank was changed to Citi Bank, N.A. In 1977, Citibank established the Citi Card Business Center. Through convenient and multi-functional ATMs and Citi cards, its popular "Citi provides 24-hour service" advertising became a reality, changing the American consumer banking business in one fell swoop. face.

From 1981 to 1982, entering the 1980s, Citibank focused on developing consumer banking business. The bank opened branches in the Dakotas and Delaware to promote credit card business and acquired Diners Club letters of credit.

Citigroup became the largest bank holding company in the United States after acquiring the Faithful Federal Savings and Credit Bank of San Francisco. In 1984, John Reid was elected chairman.

In 1985, Citibank connected customers' personal computers to its system to facilitate customers to handle banking services directly. In 1992, Citibank became the largest bank in the United States.

Its name means innovative banking. Citigroup has branches and offices in more than 90 countries, making it the only international bank with such a wide business coverage.

In 1993, Citibank became the world's largest credit card and consumer card issuer and service bank. In the same year, Citibank merged several savings banks established in the 1980s under the unified name Citi Bank, FSB.

Citibank also launched its "Risk Window" management model, which focuses on countries, industries, products and customers to internally assess and manage Citigroup's overall risks. In 1994, Citibank opened the first wholly foreign-owned commercial bank in Russia.

Citigroup resumes paying common stock dividends, a business that had been temporarily suspended in 1991. 1995. 2. What are the operating advantages of Citigroup

1. Citigroup Inc. (trademark: Citi) is headquartered in New York City, USA. It is one of the largest banks and financial institutions in the world. It was founded in 1998 It was formed by the merger of Citigroup and Traveler Group and was relisted at the same time.

2. The history of Citigroup starts with the establishment of Citibank. Citibank was formed in 1955 by the merger of Citibank of New York and First National Bank of New York. After the merger, it was renamed First Citibank of New York. , changed to First Citibank in 1962, and changed to its current name on March 1, 1976. 3. Citigroup is the first financial group in the United States to integrate commercial banking, investment banking, insurance, mutual funds, securities trading and many other financial services businesses.

After the merger, Citigroup has total assets of US$700 billion, net income of US$50 billion, 100 million customers in 100 countries, and approximately 60 million credit cards issued. 4. Citigroup is the financial services group with the largest assets, the most profits, the highest global chain linkage, and the most complete business categories in the world today.

It was formed by the merger of Citigroup and Travelers Group in 1998, and was relisted at the same time. After the stock exchange and listing, Citigroup used methods such as issuing new shares to raise funds for stock market acquisitions, or directional equity swaps to carry out large-scale equity operations and expansion, and carried out Citigroup-style strategic output and global business integration for the acquired companies. 3. The history of Citibank and the scope of its investments are mainly those

Citibank, headquartered at 399 Park Avenue, New York, USA, is one of the oldest commercial banks on Washington Street.

On July 16, 1812, Colonel Samuel Osgood, the first financial director of the Washington Post (missioner of the U.S. Treasury), founded the company in partnership with some businessmen in New York. Citybank of New York - the predecessor of today's Citigroup. At that time, the bank was still a bank registered in New York State.

When it was first founded, City Bank of New York was mainly engaged in some financial businesses related to Latin American trade. On July 17, 1865, in accordance with the National Bank Act of the United States, the City Bank of New York obtained the business license of a national bank and changed its name to National City Bank of New York.

Since then, National City Bank of New York has rapidly developed into one of the largest banks in the United States. 4. History of Citigroup in the United States

1. Citibank Citibank was formed in 1955 through the merger of Citibank of New York and First National Bank of New York. After the merger, it was renamed First Citibank of New York in 1962. It was renamed First Citibank and changed to its current name in March 1976.

Citibank New York, formerly the City Bank of New York, was founded by the Stillman family in 1812 to engage in financial business related to Latin American trade. In 1865, the bank obtained a national bank charter and changed its name to Citibank of New York.

The corporate brand ranked 31st in the 2006 "Top 500 World Brands" list compiled by the World Brand Lab. The company ranked fourteenth in the 2007 Fortune ranking of the world's 500 largest companies.

2. Citigroup implements strict separate management of banking and securities businesses due to the U.S. Banking Law, which stipulates that commercial banks are not allowed to purchase stocks, are not allowed to operate non-banking businesses, and have strict restrictions on the opening of branches. . In order to circumvent legal restrictions, Citibank took an important step in corporate strategic decision-making in 1968 - establishing a bank holding company as the parent company of Citibank.

Citibank exchanged its own shares for shares of its holding company, Citicorp, and 99% of Citicorp's assets were Citibank's assets. For decades, Citibank has been Citigroup's "flagship bank". In the 1970s, Citibank's assets accounted for more than 95% of Citigroup's assets. After the 1980s, it declined, but it was still around 85%.

Citicorp *** has 13 subsidiaries, providing banking, securities, investment trusts, insurance, financial leasing and other financial services (according to legal requirements at the time, non-bank financial businesses accounted for a small proportion) . Through this development strategy, Citigroup embarked on the path of diversified financial services and became the largest single bank holding company in the United States in 1984.

3. Citigroup On April 6, 1998, Citigroup and Travelers Group announced their merger. The new company formed by the merger was called "Citigroup", and its trademarks were Travelers Group's red umbrella and Citigroup. The group's blue wordmark. The Travelers Life and Accident Insurance pany, the predecessor of Travelers Group, was founded in 1864 and has been mainly engaged in the insurance industry. After acquiring Smith Barney, its business scope expanded to Securities brokerage, investment and financial services.

At the end of 1997, it merged with the famous American investment bank Solomon Brothers for US$9 billion to establish Salomon Smith Barney Investment Company, which has ranked second among American investment banks. Citigroup, formed by the merger of Citigroup and Travelers Group, became the first financial group in the United States to integrate commercial banking, investment banking, insurance, mutual funds, securities trading and many other financial services businesses.

After the merger, Citigroup has total assets of US$700 billion, net income of US$50 billion, 100 million customers in 100 countries, and 60 million credit card consumer customers. Thus becoming one of the largest all-round financial groups in the world. 5. Development of Citibank

In the history of Citibank, there are three important names: Citibank, Citicorp and Citigroup, which represent three different aspects of Citigroup historical period.

Citibank's history can be traced back to 1812 and is a financial institution serving New York merchants. Citibank was headquartered on Wall Street and by the end of the 19th century had branches in other states in the United States and overseas.

At the same time, Citibank was also the first U.S. bank to establish an international department, and was the first to launch travelers' checks in 1904. Since 1902, Citibank began to expand overseas, opening branches in Singapore, the United Kingdom, China, Hong Kong, Japan, the Philippines and India (at this time, Citibank was not allowed to conduct business across state lines in the United States, but it opened branches across borders).

Citibank was formed in 1955 by the merger of Citibank of New York and First National Bank of New York. After the merger, it was renamed First Citibank of New York. In 1962, it was renamed First Citibank. In March 1976 Changed to current name on the 1st. Citibank New York, formerly the City Bank of New York, was founded by the Stillman family in 1812 to engage in financial business related to Latin American trade.

In 1865, the bank obtained Charter No. 29 of the United States Government and a national bank license, and was changed to Citibank. The name was not used at that time, and was used mixedly.

But Citibank of the United States, City Bank of New York, First City Bank of New York, Citigroup of the United States, International Bank, and Universal Bank all belong to Citibank. At the end of the 19th century and the beginning of the 20th century, the Stillman family and the Rockefeller family firmly controlled the bank and used it as the financial dispatch center of the Mobil oil system.

After the world economic crisis of 1929-1933, Citibank in New York broke away from the Rockefeller Group and formed its own system. At that time, due to the deteriorating business situation, it was once attached to Morgan Company.

In the 1940s, Citibank in New York took advantage of the Second World War to vigorously restore and expand its business. After the war, Citibank in New York continued to expand its operations.

In the 1950s, a wave of large-scale corporate mergers broke out in the United States. Citibank of New York grew in competition and merged with the Morgan consortium's second largest bank, the First National Bank of New York, in 1955. It was renamed First Citibank. At this time, the bank's assets expanded sharply, its strength increased, and its status rose rapidly. It became the third largest bank in the United States at that time, second only to Bank of America and Chase Manhattan Bank in asset size. Citigroup implements strict separate management of banking and securities businesses due to the U.S. banking law, which stipulates that commercial banks are not allowed to purchase stocks, are not allowed to operate non-banking businesses, and have strict restrictions on the opening of branches.

In order to circumvent legal restrictions, Citibank took an important step in corporate strategic decision-making in 1968 - establishing a bank holding company as the parent company of Citibank. Citibank exchanged its own shares for shares of its holding company, Citicorp, and 99% of Citicorp's assets were Citibank's assets.

Citibank has been Citigroup's "flagship bank" for decades. In the 1970s, Citibank's assets accounted for more than 95% of Citigroup's assets. After the 1980s, it declined, but it also Around 85. Citigroup has 13 subsidiaries under its jurisdiction, providing a variety of financial services such as banking, securities, investment trusts, insurance, and financial leasing (according to legal requirements at the time, non-bank financial services accounted for a small proportion).

Through this development strategy, Citigroup embarked on the path of diversified financial services and became the largest single bank holding company in the United States in 1984. Citigroup On April 6, 1998, Citigroup and Travelers Group announced their merger. The new company formed by the merger was called "Citigroup", and its trademarks were Travelers Group's red umbrella and Citigroup's blue wordmark.

The Travelers Life and Accident Insurance pany, the predecessor of Travelers Group, was founded in 1864. It has been mainly engaged in the insurance industry. After acquiring Smith Barney, Later, its business scope expanded to the fields of securities brokerage and investment financial services. At the end of 1997, it merged with the famous American investment bank Salomon Brothers for US$9 billion to establish Salomon Smith Barney Investment Company, which has ranked second among American investment banks.

Citigroup, formed by the merger of Citigroup and Travelers Group, became the first financial services company in the United States to integrate commercial banking, investment banking, insurance, mutual funds, securities trading and many other financial services. group. The combined Citigroup has total assets of US$700 billion, net income of US$50 billion, 100 million customers in 100 countries, and 60 million credit card consumer customers.

Thus becoming one of the largest all-round financial groups in the world. Citibank, headquartered at 399 Park Avenue, New York, USA, is one of the oldest commercial banks on Wall Street.

On July 16, 1812, Colonel Samuel Osgood, the first missionary of the U.S. Treasury, formed a partnership with some New York businessmen. Founded City Bank of New York - the predecessor of today's Citigroup. At that time, the bank was still a bank registered in New York State.

Since then, National City Bank of New York has rapidly developed into one of the largest banks in the United States.

At the beginning of the 20th century, the National Bank of New York began to actively develop overseas business. In 1902, the bank opened its first overseas branch in London. By 1915, before taking over the Bank of China, the National City Bank of New York had established branches in Latin America and the Far East. and established 37 branches in Europe (Muro, 1984, p. 47).

Universal Bank was founded in 1901, mainly to develop trade with China and the Philippines. The following year, it established the first American bank branch in China in Shanghai, and soon followed in the Far East. 32 overseas branches were established in other regions. Through the acquisition of Universal Bank, New York City Bank's overseas branch network has nearly doubled.

By 1939, Citibank (after 1927, New York. 6. History of Citigroup in the United States

1. Citibank Citibank was formed in 1955 by Citibank of New York and the New York Bank of New York. It was formed from the merger of the First National Bank of New York and was renamed First Citibank of New York in 1962. It was changed to its current name in March 1976.

The predecessor of Citibank of New York. It was the City Bank of New York, founded in 1812 by the Stillman family. It engaged in financial business related to Latin American trade. In 1865, the bank obtained a national bank charter and was changed to Citibank of New York.

The corporate brand ranked 31st in the 2006 "World's Top 500 Brands" compiled by the World Brand Lab. The company ranked among the 500 largest companies in the world in the 2007 "Fortune". Ranked 14th in the company rankings

2. Due to the strict separation of banking and securities businesses under the U.S. Banking Law, Citigroup stipulates that commercial banks are not allowed to purchase stocks and are not allowed to operate non-banking businesses. There are also strict restrictions on the opening of branches. In order to circumvent legal restrictions, Citibank took an important step in the company's strategic decision in 1968 - the establishment of a bank holding company as the parent company of Citibank. > Citibank exchanged its own stock for stock in its holding company, Citigroup, which for decades had been Citigroup's "flagship bank" in the 1970s. Citibank's assets have always accounted for more than 95% of Citigroup's assets. It has declined since the 1980s, but is still around 85%.

Citigroup has 13 subsidiaries, providing banking, securities, and investment trusts. , insurance, financial leasing and other financial services (according to the legal requirements at the time, non-bank financial services accounted for a small proportion). Through this development strategy, Citigroup embarked on the path of diversified financial services and became a financial services company in 1984. The largest single bank holding company in the United States

3. Citigroup On April 6, 1998, Citigroup and Travelers Group announced their merger. The new company formed by the merger was called "Citigroup" and its trademark was The Travelers Group’s red umbrella and Citigroup’s blue logo. The Travelers Life and Accident Insurance pany, the predecessor of the Travelers Group, was founded in 1864 and has been mainly engaged in the insurance industry. After acquiring Smith Barney, its business scope expanded to the fields of securities brokerage and investment financial services.

At the end of 1997, it merged with the famous American investment bank Salomon Brothers for US$9 billion. Established Salomon Smith Barney Investment Company, which ranks second among U.S. investment banks. Citigroup, formed by the merger of Citigroup and Travelers Group, became the first financial group in the United States to integrate commercial banking, investment banking, insurance, mutual funds, securities trading and many other financial services businesses.

1. Historical background and development overview On June 16, 1812, New York State chartered the establishment of Citibank, and its English name was "City Bank of New York. September 14 Citibank opened at 52 Wall Street on 18 July, serving some of New York's merchants.

The bank's president was Colonel Samuel Osgood, who fought alongside George Washington in the Revolutionary War. . In 1822, the Agricultural Fire Insurance and Loan Company was established, which was the first joint-stock trust company in the United States.

In 1835, the company was renamed the Agricultural Loan and Trust Company, and in 1929 it merged with Citibank. The English name of the bank is: National City Bank.

In 1856, Moses Taylor served as president for 26 years. In 1861, the Civil War broke out.

President Lincoln implored New York. Each bank raised $150 million for the federation, and Citibank subscribed for $70 million in gold.

In 1865, Citibank joined the newly formed National Bank system, and its English name was changed to: The National City Bank. of New York. As a national bank, it must operate in compliance with high federal standards of solvency and liquidity.

In New York City, the national bank's statutory reserves are considered deposits. . In 1893, Citibank ranked first among banks in New York City in terms of deposits and assets.

In 1897, Citibank was the first to establish a foreign exchange department in the U.S. banking industry and began to engage in foreign exchange trading. In 1902, branches were opened in London, Shanghai, Hong Kong, Yokohama, Manila, Singapore and San Francisco, becoming the core of the international business network of the International Banking Corporation acquired in 1918.

In 1904, Citibank launched travellers' checks. . In 1908, 96 years after its founding, Citibank moved into the former U.S. Customs House at 55 Wall Street.

In 1914, based on the advice of American companies with branches in Argentina, Citibank was established. A branch was opened in Buenos Aires on November 10, becoming the first branch of the National Bank of the United States in the country. 1921-1928. In December 1921, Citibank became the first bank in the United States to calculate savings based on compound interest. Bank with account interest.

On May 3, 1928, Citibank launched another innovative business to depositors; unsecured personal loans. In 1929, Citibank became the largest commercial bank in the world.

Mergers further accelerated the bank's expansion: Agricultural Loan and Trust Company became Citibank Agricultural Trust Company. To meet the needs of business development, the bank built a skyscraper at 20 Exchange Square.

In 1935, Citibank provided monthly payment loans to small businesses. In 1936, Citibank was the first in New York City to offer a checking account with no minimum deposit requirement.

From 1939 to 1949, in the late 1930s, Citigroup opened 100 offices in 23 countries and became the largest international bank at the time.

However, after the outbreak of World War II, many of Citibank's businesses in Europe and Asia were forced to cease.